Which is better, afinacial advisor who works for the bank or an investment counselor?

Question

Which is better, afinacial advisor who works for the bank or an investment counselor?

Answer 1

I have worked in the banking industry for many years and I can tell you one thing. It does not matter who they work for, a bank, a brokerage house or theirselves, the only thing that matters is trust. While the fees they charge are important, fee alone should not dictate who you put in control of your money. I personally use someone that is independant. I interviewed 3-4 people before I made my choice. The person I am with was not the cheapest but not the most expensive. Alot of people say to choose a fee based advisor. This is the case if you are going to do your own stock research and you are confortable doing your own planning. My advisor knows where my money is and what my risk level is. He researches options and makes recommendations. We have a financial plan in place. We meet quarterly to review the plan and make any necessary changes. I pay him even when no  trades or transactions take place. I do this because I trust him 100%. Hope this helps.

Answer 2

regardless of where they work financial advisers have to get the proper education and experience.  what is more important is how you are treated as a client.  do you have other sources of information or will he be your primary financial adviser?  for me, the most important thing my financial adviser has to do is earn my trust.  give me honest answers to my questions, not just the company party line

Answer 3

hello - if you are just starting out with someone, get a fee based financial adviser.  they are unbiased.  good luck

Answer 4

It depends  are on which bank you are with.  Some banks offer free financial advice or investment counseling.  Most are credit unions.  I know that my bank USAA offers free financial and investment advice.  Most of the other agencies like Charles Swabb, 1st Command etc, charge a fee for telling you where to allocate your money.  Find a bank or credit union that you like and ask them up front what their fees are if any.

Answer 5

Best bet is to do some reading and do some research and make your own financial decisions. Nobody cares for your money as much as you do.